ExchangeForPhysical (FIX tag 411)

BooleanFIX 4.4FIX 4.2FIX 5.0 SP2

ExchangeForPhysical (tag 411) is a Boolean field defined in FIX 4.4, FIX 4.2 and FIX 5.0 SP2. It appears in 1 message type, always optionally. It is an enumerated field with 2 defined values.

At a glance

Tag: 411
Name: ExchangeForPhysical
Datatype: Boolean (char)
Dialects: FIX 4.4, FIX 4.2 and FIX 5.0 SP2
Messages: 1
Valid values: 2

What the specification says

FIX 4.4

Indicates whether or not to exchange for physical.

FIX 4.2

Indicates whether or not to exchange for physical.

FIX 5.0 SP2

Indicates whether or not to exchange for phsyical.

Descriptions are quoted from the FIX Orchestra sources under the Apache 2.0 licence.

A real message using tag 411

BidRequest · FIX 4.4

Tag	Field	Wire value	Meaning
8	BeginString	FIX.4.4
9	BodyLength	111
35	MsgType	k	Bid Request
49	SenderCompID	BOARTEAM
56	TargetCompID	COUNTERPARTY
34	MsgSeqNum	2
52	SendingTime	20240101-12:00:00.000
391	ClientBidID	EXAMPLE
374	BidRequestTransType	N	New
393	TotNoRelatedSym	1
394	BidType	1	"Non Disclosed" Style (e.g. US/European)
411	ExchangeForPhysical	N	False
418	BidTradeType	R	Risk Trade
419	BasisPxType	2	Closing Price at morning session
10	CheckSum	158

Edit and decode it yourself

Shown with | separators for readability. On the wire FIX uses SOH (0x01), an invisible control byte — and because BodyLength and CheckSum are computed over the actual bytes, the two forms have different checksums. Both are valid and both decode here.

Open in the full decoder →

Generated from the FIX 4.4 dictionary and verified at build time: it parses and validates with no issues. Open the decoder to try your own message.

Valid values

A value outside this list is not a parse error — the message still decodes — but validate() reports it as validate/value-not-in-enum.

Value	Meaning	Symbolic name
Y	True	YES / True / TRUE
N	False	NO / False / FALSE

Where tag 411 appears

Requiredness is a property of the message, not of the field: the same tag can be optional in one message and conditionally required in another.

Message	MsgType	FIX 4.4	FIX 4.2	FIX 5.0 SP2	Where in the message
BidRequest	k	Optional	Optional	Optional	directly on the message body

Wire format

Y or N. Not 1/0, and not true/false. @boarteam/fix keeps the value as a string and, for enumerated fields, reports validate/value-not-in-enum when it is not a defined value.

Read tag 411 in TypeScript

decode.tsts

import { createFixEngine } from "@boarteam/fix";import { dictionary } from "@boarteam/fix-dict-fix44";const fix = createFixEngine(dictionary);const { message, issues } = fix.parse(raw);const exchangeForPhysical = message.fields[411]?.raw;// e.g. "Y" — True// The dictionary also carries the labels:const label = fix.dictionary  .fieldByTag(411)  ?.enumValues?.find((e) => e.value === exchangeForPhysical)  ?.description;

Decode this in your own code

The same engine that produced the decoded example above is an Apache-2.0 npm package with zero runtime dependencies. It runs in Node and in the browser, and parse() returns problems as data instead of throwing.

npm i @boarteam/fix @boarteam/fix-dict-fix44

Try the decoder Source on GitHub